Always be in front of the contract and prioritize where you're buying and entry price. lf all those are three in your favor, you have a lot of leeway with some of the normal but difficult parts of a fix & flop/hold.

To me, safety is relative.

L&I has labled both of them as unsafe, meaning the agency found them to be "dangerous to the life, health, property or safety of the public or the occupants of the structure".

If so, then find out what you have to do to have him removed as domestic violence allows the tenant to move without 30 days' notice (to ensure her safety). 

Liquidity: If this is your first or second property, prioritizing liquidity (by cashing out now) might allow you to seize unexpected opportunities, especially if you’re actively prospecting deals.Since you don’t have a deal lined up yet, you might explore options to minimize the gap, like prequalifying potential deals or using short-term financing strategies to bridge the 4 months.Good luck growing your portfolio!

My concern is whether the city could deny permits for these modifications, such as removing walls or converting a garage, or if they are mainly just concerned with safety and habitability.

If you were in my shoes, what would you prioritize at this stage of the journey?

I now currently work for a PM in Milwaukee that has the same focus as you, to provide quality property management and we have prioritized quality over quantity as we have grown our business.

Should I be prioritizing equity/appreciation?

Here are a few things to keep in mind:Eviction Process: Courts often prioritize tenant rights, and during certain times of year (like the winter months), it’s tougher to get an eviction through.Legal Barriers: If the property is rent-stabilized or the tenants have protections, it could mean additional layers of complexity.